The number of lettings transactions in Prime Central London in the second quarter of this year slumped 15 per cent compared to the same period of 2017 according to lettings agency JLL.
The number of transactions in Q2 was 1,860.
The agency says it expects volumes to pick up in Q3, which finishes at the end of September, as this coincides with a traditionally stronger period ahead of school and university years beginning.
Although transactions are down, JLL insists the lower end of the market is “outperforming in rental growth terms”. It says demand levels are good despite a reasonable volume of available supply, and it says rents are rising under the pressure of competition.
However, it admits more expensive one and two-bedroom flats are in some cases, struggling to let.
Across PCL average rents increased by 0.1 per cent in Q2, following a similar 0.1 per cent rise in Q1. Prior to this, rents had declined by 13.0 per cent over two and a half years.
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I always struggle with rent data that is calculated to 0.1%. Is that not the same as saying rents are static?
JLL’s branch network is too small to justify a comment on London rents. Basicallly all they are saying is we have a branch in Knightsbridge that isn’t doing as well as previous years and our Chelsea office opened last year
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